The already delayed sale of a government stake in Shipping Corp of India (SCI) will probably be pushed back even further, due to uncertainties caused by the Ukraine war.
“Globally, markets are facing [the] impact of the crisis. I don’t think this is the right opportune moment,” SCI chairwoman and managing director Harjeet Kaur Joshi was quoted as saying in an interview with Bloomberg Television on Tuesday.
Stressing that she was expressing her own view and not that of the government, which is putting up for sale a 63.75% stake of the company, Joshi said it will be primarily market conditions that drive the exact timing of the divestment.
The Indian government already delayed the stake sale about two months ago, when an 18 January bidding deadline was extended indefinitely after potential bidders asked for more time to carry out due diligence.
SCI features on its website a mixed fleet of nearly 60 vessels, primarily tankers and bulkers, including five VLCCs. It also has stakes in four LNG carriers on long-term charters to Petronet LNG and ExxonMobil.
In October, the sales process was rocked when high-profile Belgian owner Exmar pulled out of a bidding group also comprising Ravi Mehrotra's Foresight Group and vessel cash buyer Global Marketing Systems.
Exmar said it wanted to focus on other priorities.
London-based Foresight told TradeWinds at the time that it remained committed to its bid for SCI.
Two other potential bidders have been revealed: domestic conglomerate Megha Engineering & Infrastructures; and US tanker owner Safesea Group.
